Hastings officially files for bankruptcy - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Hastings officially files for bankruptcy

AMARILLO, TX (KFDA) - While speculation had been ongoing, Hastings and related companies have officially filed for bankruptcy today.

They are now in search of a buyer for their entertainment superstores. Court papers say they are hoping for a sale by mid July.  

Many believe the declining market for physical copies of movies and other entertainment have hurt Hastings' revenue.

Debts include $80 million in secured loans and $59 million in trade bills.

Last year alone, Hastings lost $16.6 million dollars on $401 million in revenue.

As part of filing bankruptcy, all potential buyers will have the opportunity to submit offers, and if more than one is offered, an auction process will be held.

Copyright 2016 KFDA. All rights reserved.

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